Pinnacle Associates Ltd. Raises Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Pinnacle Associates Ltd. increased its holdings in Qorvo, Inc. (NASDAQ:QRVO) by 2.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 395,546 shares of the semiconductor company’s stock after purchasing an additional 9,673 shares during the period. Pinnacle Associates Ltd. owned approximately 0.42% of Qorvo worth $44,542,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. First Trust Direct Indexing L.P. increased its position in Qorvo by 17.3% during the third quarter. First Trust Direct Indexing L.P. now owns 3,403 shares of the semiconductor company’s stock valued at $352,000 after acquiring an additional 503 shares during the last quarter. New York State Teachers Retirement System lifted its stake in Qorvo by 6.6% in the third quarter. New York State Teachers Retirement System now owns 87,693 shares of the semiconductor company’s stock worth $9,059,000 after purchasing an additional 5,465 shares during the last quarter. abrdn plc boosted its position in shares of Qorvo by 17.1% during the third quarter. abrdn plc now owns 48,414 shares of the semiconductor company’s stock valued at $4,965,000 after buying an additional 7,054 shares during the period. Clear Harbor Asset Management LLC grew its stake in shares of Qorvo by 6.0% during the third quarter. Clear Harbor Asset Management LLC now owns 31,155 shares of the semiconductor company’s stock valued at $3,218,000 after buying an additional 1,758 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Qorvo by 12.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 4,552 shares of the semiconductor company’s stock valued at $470,000 after buying an additional 501 shares during the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

Qorvo Stock Performance

Shares of QRVO stock traded down $26.87 during trading hours on Wednesday, hitting $73.61. The company’s stock had a trading volume of 5,725,729 shares, compared to its average volume of 1,371,951. The stock has a market cap of $7.00 billion, a PE ratio of -102.84, a price-to-earnings-growth ratio of 1.20 and a beta of 1.45. Qorvo, Inc. has a 12-month low of $71.31 and a 12-month high of $130.99. The company has a 50 day moving average of $104.86 and a 200 day moving average of $107.98. The company has a current ratio of 1.95, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Qorvo had a positive return on equity of 14.92% and a negative net margin of 0.66%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.99 EPS. On average, sell-side analysts forecast that Qorvo, Inc. will post 4.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on QRVO shares. Barclays decreased their price objective on shares of Qorvo from $125.00 to $120.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. UBS Group dropped their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday. Needham & Company LLC began coverage on Qorvo in a research report on Monday. They set a “buy” rating and a $135.00 target price for the company. TD Cowen cut their price target on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, Bank of America lowered their price target on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Qorvo presently has an average rating of “Hold” and an average price target of $107.41.

Insider Transactions at Qorvo

In related news, VP Gina Harrison sold 689 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now directly owns 21,601 shares of the company’s stock, valued at approximately $2,325,779.67. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.46% of the company’s stock.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.